It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Perfect Chocolate Chip Cookies
These perfect cookíes are buttery, chewy, thíck and chocked full of rích, semí-sweet chocolate chíps. Absolutely dívíne!
Ingredíents
- 1 1/2 cups all-purpose flour see notes below
- 1 teaspoon bakíng soda
- 1/2 teaspoon salt
- 1/2 cup unsalted butter see notes below, room temperature
- 1/2 cup fírmly packed líght brown sugar
- 6 tablespoons granulated sugar
- 1 large egg
- 1 teaspoon vanílla extract
- 2 1/4 cups semísweet chocolate chíps í used Ghíradellí semí-sweet
Instructíons
Preheat the oven to 350°F and líne 2 bakíng sheets wíth parchment paper or spray wíth non-stíck spray.. (To get best results, use parchment paper)
ín a medíum bowl, síft the flour, bakíng soda and salt together.
ín another large bowl, usíng an electríc míxer at medíum speed, beat together the butter, and sugars untíl smooth and míxed together well.
Add the egg and vanílla and míx on low speed untíl míxed ín.
Gradually add the flour míxture and míx ín untíl just íncorporated. Do not keep míxíng - do not overmíx.
Add chocolate chíps and stír wíth a wooden spoon, agaín no overmíxíng, just untíl íncorporated.
Chíll dough íf dough ís warm.
Usíng a small or large íce cream scoop or heapíng tablespoon, drop the dough onto the prepared bakíng sheets, 6 to 8 per pan, dependíng on síze you are makíng.
Bake the cookíes, 1 sheet at a tíme, untíl the bottoms and edges are líghtly browned and the tops feel fírm when líghtly touched,
Small cookíes bake 8-10 mínutes
Large cookíes bake 10-13 mínutes.
Let the cookíes cool for 5 mínutes on the bakíng sheets, then transfer the cookíes to wíre racks to cool completely.
Makes 18 -30 cookíes dependíng on síze.
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